Array Technologies Legacy Operations Regain Momentum on Volume Surge?

Array Technologies’ ARRY Array Legacy Operations segment — its core U.S. solar tracker business — remains the backbone of the company. The segment generated 72% of total revenues in 2024 and 81% in the first nine months of 2025, reflecting dominance in the domestic solar tracking market.

Array Legacy Operations consists primarily of amounts earned from designing and manufacturing utility-scale solar tracking systems primarily for the U.S. market. Though revenues at the segment dropped 44% in 2024, the same recorded an improvement of 87% in the first nine months of 2025, primarily driven by an increase of approximately 104% in volume. 

Array Technologies is well-positioned to benefit from long-term structural growth in renewable energy. The U.S. solar industry is experiencing strong underlying momentum, with utilities, businesses and households increasingly adopting solar and storage. Global solar adoption continues to expand as governments and corporations pursue decarbonization goals. ARRY’s sizable order backlog ensures revenue generation over the next several quarters. Its current order book predominantly comprises domestic projects, underpinning continued momentum in the segment. 

Array Legacy Operations gains from its U.S.-based manufacturing footprint, limiting tariff risk and supply-chain disruptions. As its installed base grows, the segment can drive incremental revenue through software, optimization tools, spare parts, and service upgrades that reduce LCOE and create recurring-like cash flows beyond new project sales. Supported by U.S. policy incentives and domestic sourcing preferences, the company’s proven platform is well-positioned to capture share in large utility-scale projects.

What About Peers?

Sunrun’s RUN domestic business remains a key growth driver, as it broadens its residential solar and battery presence across major U.S. markets. Sunrun is capitalizing on accelerating rooftop solar adoption, rising grid reliability concerns and favorable federal incentives that enhance demand stability. Through integrated storage offerings and grid services, Sunrun is expanding recurring revenue opportunities while strengthening customer engagement.

First Solar’s FSLR U.S. operations center on its domestic manufacturing network, making the company a prominent producer of U.S.-made thin-film modules. First Solar is ramping up capacity to serve strong utility-scale demand, reinforcing its leadership in domestic solar manufacturing.

ARRY’s Price Performance

Shares of Array Technologies have gained 31% in the past six months, outperforming the industry.

ARRY’s Discounted Valuation

The stock is undervalued compared with its industry. It is currently trading at a price-to-earnings multiple of 12.22, lower than the industry average of 18.68.

Estimate Movement for ARRY

The Zacks Consensus Estimate for ARRY’s first-quarter 2026 EPS has moved 1 cent north in the past 30 days. The same for 2026 has moved 3 cents south in the same time frame.
 

The consensus estimates for ARRY’s 2026 revenues and EPS indicate year-over-year increases. 

ARRY stock currently carries a Zacks Rank #3 (Hold). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research